Stop Cash Shrink

One piece of the puzzle to get West Virginia’s medical marijuana program functional was introduced in the House of Delegates this week, but lack of funding for the agency that will oversee the program could still push back the implementation timeline. House Bill 2538 would allow various banking institutions to bid with the state Treasurer’s

Difficulty accessing typical business banking services has plagued the cannabis industry since its inception. While cannabis remains a largely a cash-based industry in some states, numerous companies have managed to tactfully operate around financial obstacles with some success. The main concern banks face is that because marijuana remains on Schedule 1 of the Controlled Substances

Artwork for Legalized Cannabis and Considerations for Bankers ABA BANKING JOURNAL PODCAST Legalized Cannabis and Considerations for Bankers Comptroller of the Currency Joseph Otting said today that he hopes that the current conflict between state and federal laws that inhibits banks from serving cannabis-related businesses will be resolved by 2020. “Congress is going to have

Puerto Rico’s medical marijuana companies have lost their only banking solution, forcing them to conduct business in cash. Tu Coop, an in-state credit union, had been providing banking to MMJ firms as part of the cooperative sector, which is regulated by local authorities, according to Caribbean Business. Caribbean Business said Israel Menchaca, executive director of

As Michigan’s recreational marijuana industry prepares to take flight, it comes with some dead weight: cash. Businesses face a hurdle: how to get their cash into a bank account without themselves or their bank being accused of laundering money. Efforts to start a state-run bank in Michigan fizzled out in the last legislative session. Quietly,